IRENA’s latest report: Current efforts to increase Global renewable energy capacity are insufficient to meet international targets by 2030.
This is according to the International Renewable Energy Agency (IRENA) which has released its latest Renewable Energy Statistics 2024 report, highlighting the global challenges in meeting renewable energy targets by 2030.
IRENA emphasizes the need for an annual growth rate of 16.4 percent in renewables to reach the target of tripling renewable energy capacity by 2030. as described in the 1.5 ° C scenario.
Despite renewables becoming the fastest-growing power source globally, maintaining and exceeding this growth rate is critical to surpassing fossil fuels in global installed capacity.
In renewable energy production, the Asia is the front-runner followed by North America as indicated in the disparities across its regions.
South America has taken giant strides due to the swift uptake of both hydro and solar energies. Nevertheless, even though green solutions are more possible than ever before, this continent still encounters various impediments to development.
Dr. Sultan Al Jaber COP28 President He said: “Today’s report is a wake-up call for the whole world: as we progress, we are way off track to meet the global target of tripling renewable energy capacity to 11.2 TW by 2030.
“Our scope and pace of growth must be enhanced hence more cooperation among the public sector, corporates, international organizations and non- governmental organizations.”
IRENA’s latest figures show a 5.2 GW reduction in 2023 renewable generation capacity to 3,865GW, reflecting adjustments in hydropower and bioenergy.
Renewable capacity at the end of 2023 was calculated at 3.9 TW, or 43.0% of total global capacity, which establishes a 14% significant increase from 2022 and a compound annual growth rate of 10% from 2017 to 2023.
